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Does Board Diversity Mitigate Risk? The Effect of Homophily and Social Ties on Risk-Taking in Financial Institutions Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-12 Noora Alzayed, Bernardo Batiz-Lazo, Rasol Eskandari
This study investigates whether greater board diversity and looser social network ties have an impact on board independence and risk-taking in US financial institutions from 2010 to 2022.The econometric strategy involved structural equation models, where risk as a dependent variable was measured by two latent variables and a total of five measures of risk. Several aspects of board diversity were utilized
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The effect of the 2008–09 short selling sales ban on UK security equities in relation to market metrics of volatility, liquidity, and price discovery Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-06 Harihar Patel, Francesco Guidi
In this study we look at the Financial Services Authority imposed short sale ban of UK financial equities in the 2008–2009 financial crisis to explore the effects of the short selling ban on liquidity, volatility, and price discovery on alternative portfolios of UK equity stocks. To this end we employ a control portfolio as well a portfolio of banned stocks. By using a GARCH model to explore the effects
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The use and drivers of organisational eco-innovation in European SMEs Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-06 Laura Rodríguez-Rebés, Raquel Ibar-Alonso, Luis Manuel Ruíz Gómez, Julio Navío-Marco
European SMEs are key contributors to economic growth and contamination. Driving eco-innovation (EI) within SMEs is crucial for achieving SDG goals, such as clean energy, economic growth, Industry & Innovation. This study examines the relationship between eco-innovation and organisational innovation among SMEs in Europe and differentiates between the determinants for SMEs and large enterprises. We
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The impact of readability of risk disclosures in bond prospectuses on credit risk premium Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-05 Yanzhen Yao, Lu Wei, Haozhe Jing, Meiqi Chen, Zhan Li
This paper for the first time analyzes the impact of the readability of risk disclosures in bond prospectuses on the credit risk premium. In the empirical analysis, the textual data including 5194 corporate bond prospectuses and structured data related to the corporate financial factors and the bond characteristics from 2006 to 2021 are used to perform the fixed effect regression analysis. The empirical
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Impact of Environmental, Social and Governance Initiatives on Firm Value: Analysis Using AI-based ESG Scores for Japanese Listed Firms Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-04 Zhixiong Chen, Kohei Sugiyama, Kazuyuki Tasaka, Tomomi Kito, Yukihiro Yasuda
This paper is the first study to examine the relationship between ESG initiatives and firm value for almost all Japanese listed firms. By constructing our unique AI-based ESG (Environmental Social Governance) scores that have higher coverage than existing ESG scores, we score and analyze firms that have not previously been given ESG scores and provide more robust evidence for the impact of ESG initiatives
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Environmental Regulations, Agency Costs, and Firm Performance Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-04 Mufaddal Baxamusa, Abu Jalal
We investigate whether environmental regulation reduce agency costs. We find that increases in environmental restrictions decrease liquidity and increase financial constraints. In addition, it increases the likelihood of the firms being acquired or delisted from the exchanges. Such adverse outcomes should lead the shareholders into taking actions that mitigate these risks. We notice that shareholders
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Governance Network Externality: Exploring Systemic Risk Generation Mechanisms Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-04 Songlin Guo, Weilu Sun, Yue Xi, Bijia Zhang
We show three potential stages in transforming corporate debt default risk to systemic risk in an interlocking directorate network: network contagion of corporate debt default risk, network transformation, and network cascade of systemic risk. In addition, based on the arguments of ‘too connected to fail’ and ‘too big to fail’ in the scope of systemic risk, nodes with higher network connectivity and
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Exploring the use of emotional sentiment to understanding market response to unexpected corporate pivots Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-02 Iulia Cioroianu, Shaen Corbet, Yang (Greg) Hou, Yang Hu, Charles Larkin, Richard Taffler
This article studies the influence of social media sentiment on stock prices, focusing on significant shifts by Eastman Kodak. Utilising a unique emotion-based lexicon, the research indicates that social media sentiment immediately reflects stock market responses to major corporate changes. The sentiment techniques used align with the timeline of Kodak’s announcements. Excitement was found to have
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Redefining insurance through technology: Achievements and perspectives in Insurtech Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-02 Simona Cosma, Giuseppe Rimo
The digital revolution has been shaking up the financial sector for some time now. This is also happening in the insurance industry, which has remained unchanged for a long time. Insurtech is a phenomenon that uses new technologies to revolutionize the traditional insurance business, and it deserves to be explored in depth to understand its risks and potential. This study examines the academic literature
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On the resilience of cryptocurrencies: A quantile-frequency analysis of bitcoin and ethereum reactions in times of inflation and financial instability Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-02 Brahim Gaies, Najeh Chaâbane, Nadia Arfaoui, Jean-Michel Sahut
This study examines the resilience of Bitcoin and Ethereum to inflation and financial instability amidst major economic and political disruptions, including the U.S.-China trade war, the COVID-19 pandemic, the Ukrainian conflict, the collapse of Silicon Valley Bank, and the ensuing energy crisis. We employ wavelet coherence analysis and the quantile coherence method to unravel the complex relationship
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Return spillover across the carbon market and financial markets: A quantile-based approach Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-02 Fenghua Wen, Kangsheng Wang, Aiqing Zeng
This study examines the dynamic risk contagion between carbon and financial markets in extreme market conditions using a freshly developed methodology for spillovers based on quantile VAR modeling. The empirical results suggest that risk spillovers between them are strengthened in extreme market states and reduce the ability of the carbon market to be used for risk hedging in portfolios. Second, there
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Quantile dependence and portfolio management between oil, gold, silver, and MENA stock markets Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-02 Walid Mensi, Tapas Mishra, Hee-Un Ko, Xuan Vinh Vo, Sang Hoon Kang
The impacts of the global financial crisis (GFC) and the COVID-19 pandemic crisis can be far-reaching, shedding light on the dynamics of dependence between commodity markets (e.g., gold, silver, and Brent) and stock markets. This paper employs a novel quantile-on-quantile regression and the causality-in-quantiles approaches to elicit significant asymmetric dependence between commodity and the stock
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Imported financial risk in global stock markets: Evidence from the interconnected network Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-01 Zisheng Ouyang, Xuewei Zhou, Min Lu, Ke Liu
This paper proposes an interconnected network, including the volatility layer and sentiment layer, to examine imported financial risk in global stock markets. We compare and explore the topology structures of global volatility risk spillovers and sentiment risk spillovers based on the static sample and dynamic sample. Our results show that sentiment risk spillovers across global stock markets are stronger
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Agricultural commodities market reaction to COVID-19 Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-28 Iulia Cristina Iuga, Syeda Rabab Mudakkar, Larisa Loredana Dragolea
This study examines the volatility transmission mechanism in agricultural futures returns during crisis periods, with a specific focus on the COVID-19 pandemic. The research employs the Markov Switching model to analyze the market dynamics of key agricultural commodities—cotton, sugar, rice, wheat, and corn. The study period is divided into three phases: Pre-COVID, COVID, and Post-COVID, allowing for
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Global de-diversification and stock returns Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-28 Xiao Cheng, Ying Sophie Huang, Tao Wang
Using international firm-level data, we show that when a multinational corporation reported zero total sales made by its foreign operations, it constitutes a salient signal of global de-diversification. A simple long-short strategy portfolio that buys stocks of multinational firms and sells stocks of ex-multinational firms that report zero foreign sales earns up to 85 basis points per month (over 10%
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Financial stability: A scientometric analysis and research agenda Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-27 Hossein Ballouk, Sami Ben Jabeur, Sandra Challita, Chaomei Chen
The study of financial stability is a highly expansive and significant area of academic inquiry. However, traditional literature reviews are often constrained in their scope as they tend to provide fragmented insights from a subset of the overall corpus of financial stability. In order to bridge this existing knowledge gap, the objective of this study is to undertake a comprehensive review on a large
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Responsible risk-taking and the CSP-financial performance relation in the banking sector: A mediation analysis Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-26 Danilo Conte, Candida Bussoli, Danial Hemmings
In this study, a mediation analysis is conducted using data for 394 banks listed in 54 countries from 2002 to 2017 with the aim to investigate the role of bank risk-taking as a mediation channel to explain the CSP–financial performance relationship in the banking sector. Results show that stronger CSP is associated with improved financial performance and this relationship is partially mediated by bank
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Monetary policy and currency variance risk premia Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-24 Asad Dossani
I analyze how the stance of monetary policy predicts variance risk premia in the currency market. The stance of monetary policy is measured using the shadow short rate, and two year and ten year bond yields. The stance of U.S. monetary policy predicts currency variance risk premia, after controlling for the stance of the foreign currency’s monetary policy. Contractionary U.S. monetary policy predicts
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Understanding the impact of the financial technology revolution on systemic risk: Evidence from US and EU diversified financials Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-24 Domenico Curcio, Simona D’Amico, Igor Gianfrancesco, Davide Vioto
In this paper we first detect the impact of tech-driven downturns on US and EU diversified financials’ systemic risk measures (SRMs). Then, we study the relationship between these latter and the performance of BigTechs, FinTechs and cryptoassets, as proxied by the performance of specifically built market indexes. We find that equity related tech-driven downturns exacerbate systemic risk more than crypto
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ESG reputational risk and market valuation: Evidence from the European banking industry Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-23 Marco Mandas, Oumaima Lahmar, Luca Piras, Riccardo De Lisa
This study examines the potential bidirectional linkage between reputational risk exposure associated with Environmental, Social and Governance (ESG) factors and market valuation in the banking sector. We build a monthly panel dataset for 19 European listed banks from 2012 to 2020. We employ a Bayesian Panel Vector Autoregressive model to examine the dynamics between the two variables of interest.
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Assessing the impact of the expansion of pan-African banks and the institution’s quality on African banking stability Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-22 Chawki El Moussawi, Stéphane Goutte, Imen Kouki, Hassan Obeid
This study examines the impact of the presence of Pan-African banks (PABs) on African banks’ stability during the period from 2005 to 2018. Using the generalized method of moments (GMM), our results reveal that the presence of PABs affects banking stability both positively and negatively, while the competition has a positive impact on banking stability. However, taking into account the interaction
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CEO narcissism and ESG misconduct Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-22 Jennifer Martínez-Ferrero, M. Camino Ramón-Llorens, Emma García-Meca
This paper analyzes how narcissistic CEOs behave regarding irresponsible environmental, social, and governance (ESG) strategies and whether this behavior is influenced by managerial power and the uncertainty of the environment in which the firm operates. Using a sample of Spanish firms from 2015 to 2019, the study finds that narcissistic CEOs avoid engaging in irresponsible ESG practices to safeguard
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How would the war and the pandemic affect the stock and cryptocurrency cross-market linkages? Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-16 Georgios Bampinas, Theodore Panagiotidis
This paper studies the cross-market linkages between six international stock markets and the two major cryptocurrency markets during the Covid-19 pandemic and the Russian invasion of Ukraine. By employing the local (partial) Gaussian correlation approach, we find that during the Covid-19 pandemic period, both cryptocurrency markets possess limited diversification and safe haven properties, which further
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Dynamic interlinkages between carbon risk and volatility of green and renewable energy: A TVP-VAR analysis Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-16 Le Thanh Ha, Ahmed Bouteska, Taimur Sharif, Mohammad Zoynul Abedin
Our paper applies a time-varying parameter vector autoregression (TVP-VAR) in combination with an extended joint connectedness approach to investigate interlinkages among carbon emissions futures and the volatility of the renewable energy sector. The findings show that the system-wide dynamic connectedness realized a peak in early 2020 in the wake of the COVID-19 crisis. Net total directional connectedness
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Can a self-exciting jump structure better capture the jump behavior of cryptocurrencies? A comparative analysis with the S&P 500 Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-15 Yan Chen, Lei Zhang, Elie Bouri
This paper introduces a stochastic volatility model with an independent self-exciting jump structure model (SE-SVIJ) to capture the jump dynamics of cryptocurrency daily returns. The empirical results show that the SE-SVIJ model can provide a less volatile and less persistent volatility process. We find clear evidence of self-exciting jump clustering in the cryptocurrency market. The SE-SVIJ model
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Diversification, capital buffer, ownership and credit risk management in microfinance: An investigation on Indonesian rural banks Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-15 Moch. Doddy Ariefianto, Irwan Trinugroho, Ahmad Erani Yustika
We investigate the extent of credit risk management in the leading Indonesian Microfinance Institution (MFI’s): rural bank. Specifically, we focus on the role of diversification, capital buffer, and ownership on the probability of incidence and trajectory of two credit risk proxies—loan loss reserve to non-performing loan ratio (LLR_NPL) and net non-performing loan to total loan ratio (NPL_Net). Proportional
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Is the zero-leverage policy a persistent phenomenon? Evidence from Portuguese SMEs Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-14 Filipe Sardo, Zélia Serrasqueiro, Manuel Rocha Armada
This paper seeks to analyse the persistence of zero leverage policy in a panel data of Portuguese small and medium-sized enterprises for the period 2011–2017. Using transition probability matrices, we show the existence of state dependence on the zero leverage behaviour. Using dynamic probit models with random effects, to control the initial conditions problem and unobserved heterogeneity of firms
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Frequency volatility connectedness and portfolio hedging of U.S. energy commodities Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-13 Evžen Kočenda, Michala Moravcová
We analyze (frequency) connectedness and portfolio hedging among U.S. energy commodities from 1997 to 2023. We show that the total connectedness increased over time, likely due to the increasing financialization of energy commodities. It fluctuates with respect to (i) different investment horizons and (ii) different periods of distress. The early stage of the Russia-Ukraine war is associated with the
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Sequential management of energy and low-carbon portfolios Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-10 Pilar Gargallo, Luis Lample, Jesús A. Miguel, Manuel Salvador
This study explores the ability of clean energy and European Union Allowance (EUA) assets to diminish portfolio risk when mixed with unclean energy assets. We use a family of Asymmetric Dynamic Conditional Correlation-Generalized AutoRegressive Conditional Heteroskedastic (ADCC-GARCH) models and provide a flexible and adaptive estimation and model selection framework based on a sequential strategy
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Bitcoin forks: What drives the branches? Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-10 Thomas Conlon, Shaen Corbet, Yang (Greg) Hou, Yang Hu, Les Oxley
Despite frequent Blockchain splits stemming from Bitcoin, few studies have examined the determinants of Bitcoin fork returns. In this paper, we investigate the relationships between the returns of Bitcoin forks and a range of common risk factors, including Bitcoin, currency, network and equity-based factors. From a statistical perspective, we find consistent and significant associations between fork
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Asymmetric dynamics between geopolitical conflict sentiment and cryptomarkets Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-09 Emmanuel Joel Aikins Abakah, Mohammad Abdullah, Aviral Kumar Tiwari, G M Wali Ullah
This study investigates the influence of Russia-Ukraine war and associated economic sanctions sentiments on the returns of cryptocurrencies, NFTs, and DeFi assets. We analyse daily returns of twelve blockchain-based assets by employing quantile-on-quantile regression (QQR) and an asymmetric time-varying parameter vector autoregression (TVP-VAR) connectedness approach. The QQR reveals that the war sentiment
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US inflation and global commodity prices: Asymmetric interdependence Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-07 Zhigang Pan, Zhihong Bai, Xiaochao Xing, Zhufeng Wang
Out of concern about high post-COVID-19 inflation, we examine the dynamic relationship between US inflation and global commodity prices by using the asymmetric Granger causality test. From the time-domain perspective, we can observe that the Granger causality between inflation and global commodity prices is mainly reflected in their negative impact on each other. The frequency-domain results further
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Quality acceleration and cross-sectional returns: Empirical evidence Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-07 Yao Ma, Baochen Yang, Tao Ye
This study investigates the relationship between quality acceleration and cross-sectional returns, and explores the source of quality acceleration effect. We provide empirical evidence that quality acceleration positively and significantly predicts subsequent stock returns, and this predictive ability of quality acceleration lasts for three months, and does not reverse in the long term. These results
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Blockchain markets, green finance investments, and environmental impacts Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-06 Hela Mzoughi, Amine Ben Amar, Khaled Guesmi, Ramzi Benkraiem
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Metaverse tokens or metaverse stocks – Who’s the boss? Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-05 David Y. Aharon, Ilan Alon, Oleg Vakhromov
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Less is more: Evidence from firms with low cash and debt Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-03 Naiwei Chen, Min-Teh Yu
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Instance-dependent misclassification cost-sensitive learning for default prediction Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-03 Jin Xing, Guotai Chi, Ancheng Pan
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A PRISMA systematic review of greenwashing in the banking industry: A call for action Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-02 Simona Galletta, Sebastiano Mazzù, Valeria Naciti, Andrea Paltrinieri
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Why do banks issue equity? Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-01 Liangliang He, Hui Li, Hong Liu, Tuyet Nhung Vu
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Tax avoidance, investor protection, and investment inefficiency: An international evidence Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-01 Ramzi BENKRAIEM, Safa GAAYA, Faten LAKHAL
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Does contingent payment in M&As induce acquirers’ earnings management? Evidence from performance commitment Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-01 Zeyu Sun, Ningning Kong, Lei Wu, Yu Bao
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Could the Russia-Ukraine war stir up the persistent memory of interconnectivity among Islamic equity markets, energy commodities, and environmental factors? Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-01 Mahdi Ghaemi Asl, Sami Ben Jabeur
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Do ESG scores affect financial systemic risk? Evidence from European banks and insurers Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-01 Domenico Curcio, Igor Gianfrancesco, Grazia Onorato, Davide Vioto
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Analyst optimism and market sentiment: Evidence from European corporate sustainability reporters Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-29 Cristina del Río, Elena Ferrer, Francisco J. López-Arceiz
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R&D tax incentive policy, intellectual property right protection, and corporate innovation in an emerging market Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-25 Jinghua Tang, Qigui Liu
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Firm-specific new media sentiment and price synchronicity Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-24 Zuochao Zhang, Dehua Shen
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How responsive are retail electricity prices to crude oil fluctuations in the US? Time-varying and asymmetric perspectives Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-24 Keyu Luo, Yong Ye
Electricity and oil are both scarce energy resources. A review of the previous literature shows tests of the impact of crude oil prices on electricity prices, given that crude oil is one of the primary raw materials in electricity generation. Nevertheless, none of these tests can clearly demonstrate the dynamic asymmetric interaction in their relations. Heading in this direction, we apply the asymmetric
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Internal control opinion shopping: Does initial audit fee discounting matter? Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-24 Wu-Po Liu, Hua-Wei Huang
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The effect of voluntary international financial reporting standards adoption on information asymmetry in the stock market: Evidence from Japan Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-24 Jong-Hoon Kim, Keishi Fujiyama, Yuya Koga
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Sustainability and bank credit access: New evidence from Italian SMEs Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-20 Elisabetta D’Apolito, Simona Galletta, Antonia Patrizia Iannuzzi, Stefania Sylos Labini
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Socially responsible investments: doing good while doing well in developed versus emerging markets? Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-20 Jenjang Sri Lestari, Michael Frömmel
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Worldwide board reforms and financial reporting quality Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-17 Ruiyuan (Ryan) Chen, Feiyu (Andy) Liu, Chen Zhao
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ESG and FinTech: Are they connected? Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-17 Graziana Galeone, Simona Ranaldo, Antonio Fusco
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Relationship between real estate tokens and other asset classes: Evidence from quantile connectedness approach Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-17 Imran Yousaf, Ata Assaf, Ender Demir
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Managerial ability and firm’s tweeting activity Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-17 Bumjoon Kim, Minjae Koo
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ESG and FinTech funding in the EU Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-16 Anastasia Giakoumelou, Antonio Salvi, Stelios Bekiros, Grazia Onorato
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Does ESG affect stock market dependence? An empirical exploration of S&P 1200 companies shows the divergent nature of E–S–G pillars Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-15 Lucie Staněk Gyönyör, Matúš Horváth
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Greenwashing, bank financial performance and the moderating role of gender diversity Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-15 Giuliana Birindelli, Helen Chiappini, Raja Nabeel-Ud-Din Jalal
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The interconnectedness of European Banking and Shadow Banking for sustainable development goals: Insights from a network GVAR model Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-12 Konstantinos N. Konstantakis, Panayotis G. Michaelides, Panos Xidonas, Ioannis Dokas, Apostolos Christopoulos, Aristeidis Samitas
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Do banks price ESG risks? A critical review of empirical research Research in International Business and Finance (IF 6.143) Pub Date : 2024-01-12 Concetta Carnevale, Danilo Drago